Posts Tagged ‘government auction’
Distinguishing the Differences Between Auctions
It seems like new information is discovered about something every day. And the topic of auctions is no exception. Keep reading to get the most current auction information available.
Learn about the differences between various types of auctions, on and offline.
English auction: This is what most people think of as an auction. Participants bid openly against one another, with each bid being higher than the previous bid. The auction ends when no participant is willing to bid further, or when a pre-determined “buy-out” price is reached, at which point the highest bidder pays the price. The seller may set a ‘reserve’ price and if the auctioneer fails to raise a bid higher than this reserve the sale may not go ahead.
Dutch auction: In the traditional Dutch auction the auctioneer begins with a high asking price which is lowered until some participant is willing to accept the auctioneer’s price, or a predetermined minimum price is reached. That participant pays the last announced price. This type of auction is convenient when it is important to auction goods quickly, since a sale never requires more than one bid.
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Tags: car auction, ebay online auction, government auction, insurance auto auction, online auction, police auction, used car auction